GOLDARC RESOURCES LIMITED — Interim / Quarterly Report 2012

Apr 29, 2012

Appendix 5B Mining exploration entity quarterly report

Rule 5.3

Appendix 5B

Mining exploration entity quarterly report

Name of entity

Torian Resources NL

ABN 72 002 261 565	Quarter ended (“current quarter”)
72 002 261 565	31 March 2012

Consolidated statement of cash flows

Cash flows related to operating activities 1.1 Receipts from product sales and related debtors 1.2 Payments for (a) pre-development, exploration & evaluation (b) production (c) administration (d) rehabilitation 1.3 Dividends received 1.4 Interest and other items of a similar nature received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Other Net Operating Cash Flows	Current quarter $A’000	Year to date (3 months) $A’000
	(57) (276) (27) 4 (11)	(57) (276) (27) 4 (11)
	(367)	(367)
Cash flows related to investing activities 1.8 Payment for purchases of: (a) prospects (b) equity investments (c) other fixed assets 1.9 Proceeds from sale of: (a) prospects (b) equity investments (c) other fixed assets 1.10 Loans to other entities 1.11 Loans repaid by other entities 1.12 Other Net investing cash flows 1.13 Total operating and investing cash flows (carried forward)	(231)	(231)
	(231)	(231)
	(598)	(598)

• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity quarterly report

1.13 Total operating and investing cash flows (brought forward)	(598)	(598)
Cash flows related to financing activities 1.14 Proceeds from issues of shares, options, etc. 1.15 Proceeds from sale of forfeited shares 1.16 Proceeds from issue of convertible notes 1.17 Repayment of borrowings 1.18 Dividends paid 1.19 Other Net financing cash flows	426 5	426 5
	431	431
Net increase (decrease) in cash held 1.20 Cash at beginning of quarter/year to date 1.21 Adjustments to item 1.20 for foreign exchange rate translation 1.22 Cash at end ofquarter	(167) 362 (9)	(167) 362 (9)
	186	186

Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities

entities
1.23 Aggregate amount of payments to the parties included in item 1.2 1.24 Aggregate amount of loans to the parties included in item 1.10	Current quarter $A'000
	67
	-

• 1.25 Explanation necessary for an understanding of the transactions

Amounts included in item 1.23 include consultancy fees paid to key management personnel. All transactions with related parties have occurred on an arm’s length basis and does not include equity based payments per the AGM held on 16 December 2011.

Non-cash financing and investing activities

2.1 Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows

During the quarter ended 31 March 2012, Torian Resources NL received conversion notices for partial conversion of convertible notes held by La Jolla Cove Investors Inc.

A$465,000 of the convertible notes were converted to 391,316,528 fully paid ordinary shares during the quarter.

2.2 Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest

Nothing to report for this period.

• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity quarterly report

Financing facilities available

Financing facilities available
3.1 Loan facilities 3.2 Credit standby arrangements	Amount available $A’000	Amount used $A’000
	-	-
	130	-

Estimated cash outflows for next quarter

4.1 Exploration and evaluation 4.2 Development/Investment in joint venture 4.3 Production 4.4 Administration	$A’000
	30
	100
	-
	180
Total	310

Reconciliation of cash

Reconciliation of cash
Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows.	Current quarter $A’000	Previous quarter $A’000
5.1 Cash on hand and at bank 5.2 Deposits at call 5.3 Bank overdraft 5.4 Other (Refundable deposits and bonds)	28	204
	-	-
	-	-
	158	158
Total: cash at end of quarter(item 1.22)	186	362

Changes in interests in mining tenements

Tenement reference	Nature of interest (note (2))	Interest at beginning ofquarter	Interest at end of quarter
N.A.
N.A.

• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity quarterly report

Issued and quoted securities at end of current quarter

Description includes rate of interest and any redemption or conversion rights together with prices and dates.

	Total number	Number quoted	Issue price per security (see note3) (cents)	Amount paid up per security (see note3) (cents)
7.1 Preference +securities (description) 7.2 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy- backs, redemptions
7.3 +Ordinary securities Fully Paid Partly Paid 7.4 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy- backs	3,320,662,053 73,724,328	3,320,662,053
	200,000,000 29,411,765 178,571,429 183,333,334	200,000,000 29,411,765 178,571,429 183,333,334	0.2 0.17 0.14 0.09	0.2 0.17 0.14 0.09
7.5 +Convertible debt securities 7.6 Changes during quarter (a) Increases through issues (b) Decreases through securities matured, converted	1		US $450,000

• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity quarterly report

7.7 Options 7.8 Issued during quarter 7.9 Exercised during quarter 7.10 Expired during quarter	3,000,000 19,950,000 25,000,000 14,000,000 101,500,000 101,500,000 101,500,000 101,500,000 200,000,000		Exercise price (cents) 0.33 0.4 1 0.5 1 1.1 1.2 1.3 2.3	Expiry date 14/10/2013 31/12/2012 31/12/2012 31/12/2012 31/12/2014 31/12/2014 31/12/2015 31/12/2015 29/12/2015
	200,000,000		2.3	29/12/2015
7.11 Debentures (totals only)
7.12 Unsecured notes(totals only)

Compliance statement

• 1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 4).

• 2 This statement does /does not* (delete one) give a true and fair view of the matters disclosed.

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Sign here: ............................................................ Date: .. 20 April 2012..........................
(Director/ Company secretary)
Print name: Peter Ashcroft
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• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity quarterly report

Notes

• 1 The quarterly report provides a basis for informing the market how the entity’s activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.

• 2 The “Nature of interest” (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.

• 3 Issued and quoted securities The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities .

• 4 The definitions in, and provisions of, AASB 1022: Accounting for Extractive Industries and AASB 1026: Statement of Cash Flows apply to this report.

• 5 Accounting Standards ASX will accept, for example, the use of International Accounting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.

== == == == ==

• See chapter 19 for defined terms.

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